Group 1 - The bid-to-cover ratio for Japan's 20-year government bond auction is 3.15, which is slightly below the 12-month average of 3.29 [1]

日本30年期国债招标认购倍数为3.58，12个月平均水平为3.33。 ...

2025年记账式贴现（三十七期）国债已完成招标工作。本期国债计划发行400亿元，实际发行面值金额 404.5亿元。本期国债期限91天，经招标确定的发行价格为99.679元，折合年收益率为1.29%，2025年6 月19日开始计息，招标结束后至6月19日进行分销，6月23日起上市交易。 ...

智通财经5月28日电，日本30年期国债收益率上涨10个基点，此前40年期国债招标需求疲软。 ...

Core Viewpoint - The auction of $69 billion 2-year U.S. Treasury bonds showed a stable demand, with the yield slightly lower than pre-auction trading levels, indicating continued interest in short-term debt instruments [1] Group 1: Auction Results - The yield on the 2-year Treasury bonds was one basis point lower than the pre-auction trading level, and approximately two basis points lower than last Friday's closing price [1] - The allocation to primary dealers was 10.5%, below the recent average of 10.9%, indicating a lower participation from these dealers [1] - Direct bidders received 26.2% of the allocation, significantly higher than the recent average of 16.4%, suggesting strong interest from non-dealer participants [1] - Indirect bidders accounted for 63.3% of the allocation, slightly below the recent average of 72.7%, indicating a moderate level of interest from this group [1] - The bid-to-cover ratio was 2.57, close to the past six auction average of 2.65 and higher than the 2.52 from the April auction, reflecting solid demand [1] Group 2: Future Outlook - Upcoming Treasury auctions for 5-year and 7-year bonds are expected to benefit from potential end-of-month demand, indicating a positive outlook for short-term debt instruments [1]

Core Points - The second issuance of the 2025 book-entry interest-bearing government bonds has been completed with a planned issuance amount of 170 billion yuan [1] - The actual issuance amount matches the planned amount at 170 billion yuan, with a determined issuance price of 100.55 yuan, resulting in an annual yield of 1.44% [1] - The distribution of the newly issued bonds will take place from the end of the auction until May 19, and from May 21, it will be merged with the original issuance of 337.59 billion yuan for trading [1]